Daimler and BYD to create joint venture to produce electric cars
Chinese carmaker BYD said Friday (May 28) it had signed a contract with German auto giant Daimler AG to establish a joint venture in China.
The joint venture will focus on developing a new generation of electric cars which will combine Daimler's expertise in car structure and safety and BYD's battery and drive technologies.
The new firm will have a registered capital of 600 million yuan, BYD said.
Each company will hold a 50-percent stake in the venture.
